Truist Bank, a financial institution based in North Carolina, is currently facing a proposed class-action lawsuit due to a data breach that has potentially exposed customers to the risk of fraud and identity theft.

The plaintiff in the lawsuit accuses Truist Bank of failing to adequately secure and protect customers’ sensitive information following a security incident that resulted in the exposure of confidential data belonging to account holders.

Recently, Truist Bank confirmed that its security systems were compromised in October after a well-known hacker claimed to be selling data from the bank. This data allegedly included the names, bank account numbers, transaction history, and balances of 65,000 account holders, all for the price of $1 million.

While the bank stated that only a limited number of clients were affected, the lawsuit argues that Truist Bank was negligent and that the attack could have been prevented. The plaintiff claims that the bank failed to establish sufficient measures to protect its systems from unauthorized access.

“Defendant could have prevented this Data Breach by, among other things, properly encrypting or otherwise protecting their equipment and computer files containing PII (personally identifying information),” states the lawsuit.

The plaintiff further argues that victims of the data breach are now at risk of various financial crimes, including fraud and identity theft. Additionally, they may incur out-of-pocket expenses to purchase credit monitoring services and other protective measures to safeguard their accounts.

In seeking justice, the class-action lawsuit requests an injunction that would compel Truist Bank to undergo a comprehensive overhaul of its cybersecurity program. The plaintiff also seeks punitive damages and litigation costs as permitted by law.

Truist Bank, with $526.714 billion in consolidated assets, is currently the eighth-largest commercial bank in the United States, according to Federal Reserve data.

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